Mallee have already indicated that there will be a CR at 70c. I...

Mallee have already indicated that there will be a CR at 70c. I imagine that given the quality of the asset there will be good appetite for the raising. I know I will be taking part, potentially on a number of accounts. There will be some keen to get out for a variety of reasons. One never knows the personal circumstances of others. As the mine has already re-started, I would hope to see some production this calendar year, maybe even some income from concentrate, and then moving into steady state production over 2023.

I think once people and funds see the income this business is capable of generating it will significantly re-rate beyond the NPV value. My peer based estimates is putting that NPV in the A$400M to A$500 range which would give us a share price of $1.00 to $1.20. However, once production is up and running at nameplate or better I would expect a far greater valuation and share price.

Then of course we have the upside of greater throughput at the plant and the very interesting exploration ground they have just negotiated for on top of their existing ground. These areas of Tasmania have a history of continuing to give. John Lamb has been involved in them before as well. The Avebury deposit had really only had initial exploration sufficient to define a resource completed when it went in to care and maintenance in 2009. I believe there will be much more ore floating around in this deposit and nearby and Mallee have locked up most of it.